GM's recent public offering has been touted as a huge success by the administration. The president announced that the tough decisions made during his administration were beginning to pay off. He also indicated that the "American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing." In analyzing the use of proceeds of the two securities offered by GM (GM), the common stock and the mandatory convertible preferred stock, it is interesting to note that the company will not receive any funds from the offerings and, in fact, will deplete its current...
